|Day's Range||1,325.799 - 1,328.799|
|52 Week Range||1,325.7993 - 1,328.7994|
Gold markets pulled back a bit during the day on Thursday, as the $1350 level continues offer a bit of interest. However, we have broken out and we should eventually see buyers come back.
Based on the early price action, the direction of the April Comex gold market on Thursday is likely to be determined by trader reaction to the step uptrending Gann angle at $1336.70.
Sterling’s price action has been erratic due to the growing sensitivity towards Brexit-related headlines and news flows. With investors clearly pessimistic over Theresa May’s trip to Brussels concluding on a positive note
The gold prices pulled back a bit during Wednesday’s session as the $1350 level above is offered a bit of resistance. The gold market is likely to struggle a bit around here to break higher but has strong multiple support underneath, which will provide enough momentum to move higher. The $15.80 level underneath is massive support and pullbacks will continue to be a nice buying opportunity.
If a trade deal is struck then this should provide some relief to concerns over a global economic slowdown in China. The lifting of an excuse to remain “patient” could eventually give the Fed a reason to resume its rate hikes, and this is what has gold traders worried.
Investing.com - Gold prices pulled back from the 10-month high they hit on Thursday, after the minutes from the Federal Reserve's last meeting revived expectations for a possible U.S. rate hike this year.
Investing.com - Gold prices dipped on Thursday in Asia as risk appetite sharpened following reports that the U.S. and China are working on multiple memorandums of understanding (MoU) for a trade deal.
Gold markets rallied a bit during the trading session on Wednesday, as we await the Federal Reserve meeting minutes. At this point, the market is expecting the Federal Reserve to become dovish longer-term, and that of course will soften the greenback.
If buyers continue to exert upside pressure then look for the rally to possibly extend into the May 11 top at $1356.80. If sellers take control and the upside momentum slows down then look for a possible pullback into a support cluster at $1337.80.
Investing.com - Gold prices turned negative Wednesday, but remained near multi-month highs as the dollar pared losses despite the Federal Reserve signalling it was preparing to stop trimming its balance sheet later this year.
Precious metals continue to trade positive as weak dollar combined with healthy demand for safe haven assets underpin demand in market and influence a positive price action.
In the minutes, traders will be looking for clues as to what the central bank plans to due to affect the balance sheet. Continuing to reduce the balance sheet is a form of tightening. This could pressure gold prices. However, gold prices could rally if the minutes show policymakers discussed stopping the reduction of its balance sheet.
Investing.com - Wall Street was mixed on Wednesday amid downbeat earnings releases and as investors waited for news of trade talks between the U.S. and China.
The populist Italian government is looking at a controversial source of income to help cover the costs of its spending spree: the gold treasure held by the Bank of Italy (Bankitalia).
Investing.com - Gold prices edged higher on Wednesday as investors waited for the publication of the minutes from the latest Federal Reserve policy meeting with expectations for them to confirm the central bank’s dovish policy stance.
Investing.com - U.S. futures pointed to a slightly lower open on Wall Street Wednesday, with investors remaining cautious as trade talks between the U.S. and China continued.
The gold prices broke higher during Tuesday’s session, reaching towards the much important $1350 level. Its a very bullish development for the market and pullbacks at this juncture will offer strong value. The $1330 and $1325 level underneath will offer strong support and once it clears above $1350 level, then it could easily reach higher towards the $1400 level. …Read MoreSilver
Investing.com - Gold prices were little changed on Wednesday in Asia as investors awaited the minutes of the Federal Reserve's January meeting later in the day.
Gold markets broke higher during the trading session on Tuesday, slicing through the $1325 level rather easily. That being the case, it looks as if we are going to trying to go towards the top of the overall consolidation that I have marked by an ellipse on the chart.